Food surpluses could push grocery prices down
DES MOINES, Iowa (AP) — Warehouses, distribution centers and grocery stores are overflowing with some food staples, which is the result of increased production and decreased exports.
Currently, the most milk ever produced in the U.S. — about 24 billion gallons — has led to record amounts of butter and cheese.
Food items that can be kept refrigerated, such as cheese, fruit and vegetables, are on ice for a while.
Higher prices and strong demand for basics like milk, pork, poultry and eggs pushed farmers to expand a few years ago. But importers have slowed buying as the value of the dollar increased, and overall demand has fallen behind production.
It all means lower prices at the grocery store at least for now.